Labor unrest surges in China
Top business and technology news for February 2, 2017. Part of the daily SupChina news roundup "Unrest along the New Silk Road."
China labor unrest spreads to ‘new economy’ couriers and sales staff at ecommerce companies / Financial Times (paywall)
2016 saw a record high of 2,663 labor strikes and protests in China. As fewer young people are willing to join the low-wage, migrant workforce which the country’s manufacturing, construction, and booming new economy have heavily relied upon, China’s labor supply is shrinking significantly. The imbalance has led to a series of problems such as rising wages, increasing salary arrears, and threats to old workers’ social insurance payments that, together, have forced many shops and factories to close.
Citic, Baidu get green light to open online bank / Caixin
A partnership between Chinese internet giant Baidu and state-owned Citic Bank to launch an online bank has received regulatory approval from the Chinese banking authority. In the deal, Citic Bank will hold a 70 percent stake in Baixin Bank, while Fujian Baidu Bo Rui Netcom Science and Technology, a subsidiary of Baidu, will own the remaining 30 percent. The move is Baidu’s attempt to stake a claim to the online banking territory that is currently dominated by its main competitors, Tencent and Alibaba.
- Green bonds take root in China – growing investor interest in environmentally friendly projects / Caixin
- Market for instant noodles goes limp / Caixin
- Why foreign companies are shutting shop in China / SCMP
- Cadillac is huge in China / Bloomberg
- Across the globe, a golden year for China’s smartphone brands / Tech in Asia
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